CNOOC Makes Historic Move in China's Voluntary Carbon Market
Beijing witnessed a significant step towards sustainability on Monday as China National Offshore Oil Corporation (CNOOC), the country’s largest offshore oil and gas producer, finalized the first transaction in China’s revamped voluntary carbon market. CNOOC has purchased 250,000 tonnes of carbon credits, effectively offsetting its emissions and setting a precedent for future corporate responsibility initiatives.
One tonne of carbon credit equates to one tonne of carbon dioxide emissions, making this purchase a substantial commitment to mitigating climate impact. This deal not only underscores CNOOC's dedication to environmental sustainability but also signals the growing importance of voluntary carbon markets in China’s broader strategy to combat climate change.
China's carbon trading system comprises two main sections. The compulsory national Emissions Trading Scheme (ETS) sets emission caps for high-emitting entities, requiring them to purchase allowances if they exceed their limits. Complementing this is the voluntary carbon market, also known as the China Certified Emission Reduction (CCER) scheme, which allows companies like CNOOC to voluntarily offset their carbon footprints.
The establishment and success of the voluntary carbon market provide businesses across China with flexible tools to meet their sustainability goals and align with global efforts to reduce greenhouse gas emissions. As more companies engage with these markets, China is poised to make significant strides in its environmental commitments.
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First carbon credits deal completed on China's voluntary carbon market
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